List the obligations of an agent to a principal and identify actions that could constitute a breach of fiduciary duties and the consequences of such breach.
As a real estate professional, you have fiduciary duties which you must uphold to your clients. A breach of real estate fiduciary duties can result in serious legal problems.
The importance of your fiduciary duties you owe to your clients cannot be stressed enough. Your clients rely on you to be loyal and keep their best interests at heart. Furthermore, your fiduciary duties do not only represent your integrity, but also your legal responsibility. Fiduciary duties are legal responsibilities.
Therefore, it is crucial that you understand exactly the gravity of the fiduciary duties. It also important to understand how to avoid breaching these fiduciary duties. A breach of these duties can spell only trouble for your career.
RealEstateCE.com offers a lesson on identifying the breach of real estate fiduciary duties. More specifically, this lesson will teach you how to avoid breaching these duties and how to recognize a breach.
This lesson begins with a discussion on non-agency relationship transactions. You may think that if you engage in a transaction when you do not represent either party, that you do not have responsibilities to either party. However, that assumption is far from the truth. In reality, your responsibilities depend on which jurisdiction you are operating in.
Non-agency relationship transactions can be a tricky one to maneuver. However, this lesson will teach you exactly how to handle this non-agency situation. This discussion includes tips on how to find out exactly how your jurisdiction handles non-agency transactions. Furthermore, this lesson explains what kind of policies should be established within a firm to avoid non-agency transaction related problems.
Furthermore, the lesson continues on to discuss conflicts of interest. If you, as a real estate professional, experience a conflict of interest, it may lead you to a breach of real estate fiduciary duties.
This discussion begins with a brief look into a conflict of interest regarding the property in the transaction. More specifically, imagine you are engaged in a transaction of a property which you are a co-buyer. How do you handle this situation? Is it even legal? This type of situation is reviewed in this first part of the discussion.
Furthermore, imagine you have a conflict of interest regarding the party you are representing. Perhaps you are acting as a dual agent in a transaction, but you have a personal relationship with one individual in the party. How do you handle this situation? What kind of indication does it have on your fiduciary duties?
These are all hypothetical situations discussed in this part of our real estate continuing education lesson. Furthermore, this lesson also discusses how to properly disclose this conflict of interest or, otherwise, how to handle a conflict of interest situation. Therefore, with this lesson under your belt you will have the education you need to properly handle any conflict of interest situation.
Finally, our continuing education lesson includes analyses of several court cases involving a breach of real estate fiduciary duties.
RealEstateCE.com wants to ensure that you get the most out of your education! That is why the reviews of these court cases will allow you to apply the information you learned in the lesson to real-world scenarios. Studying real-world applications will solidify your education.
As a real estate professional, your fiduciary duties to your clients are paramount. That is why RealEstateCE.com has a lesson to teach you how to avoid breaching these fiduciary duties.
Take RealEstateCE.com's lesson, List the obligations of an agent to a principal and identify actions that could constitute a breach of fiduciary duties and the consequences of such breach, today!